HSBC chief: No plans to move HQ to Hong Kong

ChrisOliver

HONG KONG (MarketWatch) -- HSBC Holdings PLC's
HBC, -1.21%0005, -0.52%HSBA, -1.65%
departing chairman, Stephen Green, said Wednesday the bank has no plans to move its headquarters to Hong Kong from London. Green, who is stepping down to become the U.K.'s trade minister, made the remarks on the sidelines of the bank's board meeting in Shanghai. Rumors that HSBC was thinking about moving to Hong Kong were sparked by Stuart Gulliver, the bank's head of investment banking, who publicly stated a few weeks back that it may be time to consider the move because of U.K. proposals to break up big banks. On Friday, HSBC confirmed that Gulliver will replace Michael Geoghegan as chief executive officer, as part of management shuffle following Green's exit. The lender's Chief Financial Officer Douglas Flint will succeed Green as group chairman.

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